guide to diamonds
MAKE THE DIAMOND BUYING EXPERIENCE SMOOTH AND STRESS FREE
There are so many factors that go into buying a diamond. Your budget is a key factor in the diamond options available to you. But how much are you willing to spend on a diamond engagement ring? How much should you spend? Explore these questions and more, and make the diamond buying experience easy and fun.
THE DIAMOND BUYING EXPERIENCE
How Much Should You Spend on an Engagement Ring?
Most consumers don‘t know a lot about diamonds, until they decide to get engaged and buy a diamond engagement ring. Then, all the diamond information, such as the 4Cs, the diamond cost and how much to spend, becomes very important. At this point, the buyer begins an intensive online search in an effort to learn all about diamonds, so they can be sure they get the most beautiful diamond they can afford. However, the one thing that always seems to elude potential buyers is the engagement ring price. How much is too much? How much is not enough? How do you figure out how much to spend on an engagement ring?
How to Buy an Engagement Ring: The Rules
There have been numerous articles written and opinions voiced on how much the average buyer should spend on an engagement ring. There is the famous ‘three months’ salary’ rule, created by DeBeers. In 2016, that amount came to a whopping $10,950. Another rule says one month’s salary is enough if the buyer is strapped for cash. But that still means a price tag of $3,650 in 2016, which, for many, is just not affordable nor realistic. Not to mention the ‘split it down the middle’ rule, which brings the total to $7,300 for two months of hard earned salary.
Many other silly rules exist over how much a consumer should spend on an engagement ring, such as the ‘car’ rule, the ‘age’ rule, the ‘hotness’ rule, and other ways that marketers, retailers and consumers use to try and make sense of a contentious subject that no one seems to agree on.
How Much to Spend on a Diamond? The Simple Truth
Today, millennials simply can’t afford to follow traditional ‘engagement ring spend’ rules. For many, a purchase using an entire month’s salary or more may not be possible. What’s more, the advancement of lab created diamonds that are cheaper than natural gems may well affect the amount that consumers are willing to spend on an engagement ring.
The Final Decision
There are many websites dedicated to helping people figure out how much to invest in an engagement ring. Diamond ring calculator sites ask the buyer questions about their relationship and financial situation to help determine their spending budget. If consumers need to understand the diamond better, to make sure they are choosing the best diamond for their financial investment, there are tools available to help.
According to American Express Spending and Saving Tracker, a survey of over 2,000 consumers revealed that the average amount a person should spend on a diamond engagement ring is $2,093. Contrarily, a 2013 report by Jewelers of America showed that in 2012, the average consumer spent around $4000 on a ring. Interestingly, the average consumer is actually spending more on an engagement ring than they think they should be spending.
So, what is the sweet spot for the price of an engagement ring? What is the dollar figure that the average consumer should expect to invest? Obviously, there is no one rule. Yet most agree that the amount to spend on an engagement ring is a personal decision. It’s a decision based on a number of factors – interpersonal, financial, even family custom plays a part. And the one month salary rule? Many buyers still believe that to be pretty acceptable too.